While this year's Miami Open is missing some notable names (Novak Djokovic, Rafael Nadal, Roger Federer and Serena Williams, to name a few), there are still plenty of talented players taking part in the tournament.

The event, which was canceled in 2020 because of the coronavirus pandemic, got underway Wednesday at Hard Rock Stadium in Miami. However, all seeded players in both the men's and women's singles tournaments received first-round byes, so they haven't been in action.

The prize money for this year's Miami Open has been greatly reduced because of the pandemic. According to Michelle Kaufman of the Miami Herald, the winners of the men's and women's singles tournaments will each receive $300,110. In 2019, Federer (the men's champion) and Ashleigh Barty (the women's champion) each won $1.35 million.

Here's a complete earnings breakdown, followed by a closer look at some of the top players in this year's men's and women's singles tournaments.

ATP and WTA Prize Money

Winner: $300,110

Runner-Up: $165,000

Semifinal: $93,000

Quarterfinal: $61,000

Full purse details courtesy of peRFect Tennis.

Men's Singles Outlook

With the Big Three of Djokovic, Nadal and Federer not in this year's field, Daniil Medvedev is the No. 1 seed for the men's singles tournament. He enters the event as the No. 2-ranked player in the FedEx ATP Rankings and is the first player outside of Djokovic, Nadal, Federer and Andy Murray to be in the top two since 2005, according to ATPTour.com.

However, that hasn't brought added pressure to Medvedev as he looks to win the Miami Open for the first time, noting it's given him an "energy boost."

"I just want to play better and better to prove to myself I deserve this, and hopefully I can show some great tennis in Miami," Medvedev said, per ATPTour.com.

Medvedev is having a strong 2021, as he reached the final of the Australian Open in February (losing to Djokovic) and won the Open 13 Provence earlier in March. He's set to face Yen-Hsun Lu in the second round of the Miami Open on Friday.

Among the other likely contenders are No. 2-seeded Stefanos Tsitsipas and No. 3-seeded Alexander Zverev. Neither has previously won the Miami Open, but Zverev reached the final in 2018, before losing to John Isner.

The American was also the runner-up in 2019, losing to Federer in the final. This year, he's the No. 18 seed and will face compatriot Mackenzie McDonald on Friday.

Murray, a two-time Miami Open winner, was supposed to be in this year's tournament, but he had to withdraw because of a groin injury. The 33-year-old told Kaufman that it's a "freak" injury, as he began to feel pain when he woke up late Friday night.

Women's Singles Outlook

In February, Barty came up short of winning her first career Australian Open title, falling to Karolina Muchova in the quarterfinals. She then lost her opening match in the second round of the Adelaide Invitational shortly after.

Now, Barty will be looking for better results as the No. 1 seed in the Miami Open, which she won the last time the event was held in 2019. It was the 24-year-old Australian's first career singles title win at the tournament.

Barty is set to play her first match of the tourney Thursday, when she will face Kristina Kucova in the second round. However, if Barty is going to make another run to the championship, there's a chance she will have to face Naomi Osaka, the No. 2 seed, in the final.

This will be the first time Osaka will be in action since winning the Australian Open. The 23-year-old is a four-time Grand Slam champion has never won the Miami Open, which is something of a homecoming for the Japanese, as her family moved to South Florida when she was young.

Osaka has won 21 consecutive matches, and she will hope to carry that momentum into what she hopes will be a career-best showing at the Miami Open.

"I actually don't feel any pressure," Osaka said, per WTA Insider. "It's not like I'm defending here. I've never even made second week here before. I feel more fun, like excitement. I want to see how well I can do."

While Williams, an eight-time Miami Open champion, isn't in the field, there are plenty of other strong competitors who could prevent Barty or Osaka from winning the title. No. 3-seeded Simona Halep and No. 4-seeded Sofia Kenin are also likely to be among the contenders.